Controversial bonds may have cost Yuba College, Marysville district trustees their seats
Margie Markle thinks they may have led to her losing her Marysville Joint Unified School District trustee seat.
A Yuba Community College District incumbent could also have lost re-election because of them.
But the Yuba City Unified School District says it has avoided using the financing method.
Capital appreciation bonds, once obscure, were pushed into the headlines when a school district in the San Diego area issued a bond that requires paying back $1 billion for a $105 million loan.
No bond of that size involves school districts in the Mid-Valley, but the Yuba Community College District board of trustees last year approved a bond that brings $4.6 million — and a $58 million payback.
When Marysville Joint Unified trustees in September considered a capital appreciation bond, which defers payments, Markle supported moving forward with the measure. A majority of the school board deci ed not to pursue the bond that would have brought Marysville $12.5 million and required paying $71.1 million.
"Perhaps it will come up and bite me," she had said of her bond support.
Markle defended the bond as allowing Marysville to complete school improvements planned by the district and also allowing use of state matching funds. She lost by 83 votes in November to Anthony "Mr. D" Dannible, who had been dubbed the phantom candidate for his low-profile campaign. Dannible takes office on Tuesday.
Trustee Frank Crawford, who opposed the bond but praises Markle's work as a trustee, said her support was a key reason she didn't win re-election.
"It was, literally, the kiss of death," Crawford said.
Incumbent Yuba College district trustee Jim Buchan's support for the 2011 capital appreciation bond helped lead to his defeat on Nov. 6 as well, Crawford said.
Buchan believes that is possible.
"That very well may be," he said. "It's hard to know."
CONTACT Ryan McCarthy at firstname.lastname@example.org or 749-4780. Find him on Facebook at /ADrmccarthy or on Twitter at @ADrmccarthy.